[15][16] As of the end of 2013 Viggle had about 3.7 million users. A serial media-industry entrepreneur, Sillerman was best-known at the time for buying up concert promoters under the rubric of SFX Entertainment and, in 2000, selling them to the radio giant. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. He was 71. ), Sillerman with Rod Stewart and Dick Grasso at the NYSE.Henny Ray Abrams AFP/Getty Images. As a subscriber, you have 10 gift articles to give each month. But from 2013 to 2014, the increase slowed to 11%; this year, its only 2.5%. Mr. Sillerman was the founder, a major shareholder and served as Executive Chairman of SFX Entertainment from its inception in 1997 until its sale to Clear Channel Communications in August 2000. [17][18] In December 2013 Viggle acquired Wetpaint for $30 million in stock and in early 2014 Viggle acquired Digit Media, an entertainment app producer. (Critics at the time complained that Sillerman overstepped his role by collecting fees for acting as both his companys financial advisor and investment banker during this period.) Backstage at The Ed Sullivan Show, 1956: Elvis with the host and manager Parker (left).CBS Photo Archive/Getty Images. Bob went out and taught salespeople; I taught the on-air staff. And then in early 2000, lightning struck again. The company was sold to Clear Channel in 2000 and became the basis for Live Nation five years later. Striking a deal shouldnt be that difficult. We took on more debt than I felt comfortable with, she says. In 1989 he sold a group of radio stations to Westinghouse (now Viacom) for $389 million. Sillerman Dies at 71; Built Entertainment Empires, https://www.nytimes.com/2019/11/28/arts/music/robert-fx-sillerman-dead.html. Sillerman was born into a media household, raised in the Riverdale section of the Bronx, and attended top private schools in New York City. The founder. PHOTOGRAPH BY GREG MILLER. Last month, the company reported a second quarter net loss of $48 million on revenue of $121 million, up 48% from the same period last year. And there are a couple of Sillerman stories that involve nudity. Eight years later he unloaded a bunch of stations to Hicks Muse for $2.1 billion. American Idol is the No. We've received your submission. In 2017, he almost lost the home after defaulting on a $12.5 million. When the King died in 1977, his estate was a mess. Correction: In The Man Who Bought Elvis (Dec. 12), we wrote that SFX Entertainment once owned New York Citys Roseland Ballroom. We have estimated Robert F.X. Sillerman became one of the most intriguingand wealthiestmen in music by twice betting on his vision for the future of mass media. I liked him, she says. Perhaps the bigger question centers on the inherent limits of EDMs popularity. "Robert Sillerman, SFX Entertainment Founder, Dies at 71", "Bio in the 2005 Forbes 400, he was #375", "Robert F X Sillerman purchases WAFL NY-New Jersey Knights for $11 million", "KJOI-FM's $75-Million Price an Industry Record: Station's Sale Key Part of $155-Million Ownership Shuffle That Also Affects KTWV, Westwood One", "Robert F.X. [36] Sillerman was also a donor and fundraiser for the Democratic Party in the United States. Robert FX Sillerman is the Founder at Function (x). LinkedIn has officially entered its cringe era, and its working. But Fuller had an even bigger idea, a kind of interactive on-air talent show. Robert F.X. Sillerman, Concert Industry Consolidator, Dies at 71", "American Idol Sillerman Dealt Elvis Default Heartbreak in Vegas", "Will Viggle, the 'Loyalty Program for TV' From Robert F.X. That seemed to sum everything up., A daily briefing on what matters in the music industry. But if you walk down the street, youll be hard-pressed to find somebody who doesnt know what it is. Well, its a little early to ask that question. Really? Fullers company doesnt get a direct share of ad revenues from Fox; rather, it receives a $1.2 million fee per episode. That business was built from a spree of acquisitions from 1997 to 2000 when Sillerman bought up Houston outfit Pace Concerts, New York promoter Delsener/Slater enterprises, Boston big man Don Laws Blackstone Entertainment, Los AngelesAvalon Attractions, Jack Boyles Cellar Door International, Bill Graham Presents in Northern California and Jimmy Koplicks 4,800-seat Oakdale Theater in Wallingford, Connecticut. Unable to eat solid foods, he was prone to horrible coughing fits and had to eat through a feeding tube. In February 2014, a lawsuit was filed against Sillerman, for allegedly having defrauded a trio of business partners. Sillerman worth at the age of 71 years old? 19 also manages the career of soccer superstar David Beckham and his wife, Victoria (a.k.a. Man in the middle: Simon Fuller (in back) with Idol stars Kelly Clarkson, Ruben Studdard, and Fantasia Barrino. [6] Sillerman was married to copywriter Laura Baudo, whom he met at Ingalls. By the time Mr. Sillerman began buying radio stations in the late 1970s, he was using a new name: Robert F.X. An October IPO on the NASDAQ raised $260 million for the company with shares priced at $13, but in the space of two-and-a-half years, the price of the company dropped to a penny a share. The man who bought Elvis is Robert F.X. Billionaire entertainment mogul Robert F.X. Mr. Sillerman, right, at the New York Stock Exchange in 1999 with its chairman, Richard Grasso, and the singer Rod Stewart shortly after stock in Mr. Sillermans company, SFX Entertainment, began being traded on the exchange. The app will also display the social media activity for other shows at the same time, along with what rewards are available for changing the channel to competing programs. In the sale, SFX kept two small concert promoters, and renamed the company SFX Entertainment (concert promotion, sports agencies), turning SFX Entertainment into the world's largest producer, promoter and presenter of live entertainment. [8], In 1989 Sillerman formed Capstar Communications. Sillerman, poses after ringing the Nasdaq closing bell on Oct. 9, [+] 2013, the day his company went public. He replied with an email that said, Can I borrow a dollar? Estopinal said. The top contestants on the show are signed to Sony BMG, and 19 gets 10% of their recording revenue. Bob is like a Clint Eastwood character in an old Western movie, says Dennis Arfa, a business associate of Sillerman. The massive property that was assembled from four different plots of land has just hit the market for a staggering $150 million. Robert Sillerman stepped down as CEO of SFX Entertainment in February, but the story between them continues. Robert FX Sillerman (born 1949) is an American businessman and media entrepreneur. The CK stands for content is king, while the X is a reference to one of his middle initials (they are F.X., and he wont tell anyone what they stand for). Sillerman has a $1 billion plan to conquer the world of dance music, read the publications cover line. He is also the founder of Viggle and the namesake of The Sillerman Center for the Advancement of Philanthropy at Brandeis University. By then Sillerman was already toiling away on his next project, SFX Entertainment, a company that would own concert venues and other media properties. Sillerman was born on April 12, 1948 in Manhattan, New York, USA. [12], In May 2009, Credit Suisse filed a request for summary judgment in New York State Supreme Court, alleging Sillerman had failed to pay the outstanding balance due under a credit agreement with Flag Luxury Properties LLC and that Sillerman defaulted on a series of payments due since April 2008, totaling $21.4 million. Sillerman was also a major shareholder of CKX Inc. While he pointed to lucrative deals with Anheuser Busch, MasterCard and T-Mobile and those companies increased yearly ad spend, the SFX CEO admitted that his earlier business models anticipated greater participation from brands. I should get a waterproof one for the shower., At this particular sit-down, when Sillerman gets around to talking about CKX, he says, Technology is breaking down the old lines of distribution. Robert, who grew up in the Riverdale section of the Bronx, was born on the third anniversary of the death of Franklin D. Roosevelt, and his original middle name was a tribute to the former president. In 2017, he almost lost the home after defaulting on a $12.5 million loan, The Post reported at the time. He also carried heavy personal pain after the suicide of his 18-year-old daughter Mackinley in 2012, losing his only child in the home he shared with his wife Laura Baudo Sillerman. 19 is currently renegotiating the fee for next season, and some think the ante could be upped to $2 million per episode (though a reported flap over American Idol judge Simon Cowells compensation could be complicating matters). He wants to do what we want to do. Like what? Investor Robert Sillerman is combining the King, American Idol, and other entertainment assets to build his next media conglomerate. Dressed in all black, the music mogul--who once appeared on the 2005 Forbes 400 list with a net worth of $975 million--held a disco ball that had been colored in gold and silver to represent the earth. The truth is, for all of Elviss transcendent mystique, EPE has never been much of a business. Recognizing the environment she was raised in, I thought she was astounding. The Securities and Exchange Commission today charged New Hampshire resident Robert F.X. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. But Mr. Sillermans success ran out in recent years when he tried to repeat his concert model with a new version of SFX Entertainment, this time going after electronic dance music, or EDM a bull market in 2012, when Mr. Sillerman opened the company with a $1 billion war chest. Before 157 West 57th Street became One57, that glassy billionaire's priapism which has come to stand for a whole battery of class . But when I took it to America, almost everyone rejected it, Fuller recalls. Sillerman, the former CEO of Function (x), Inc., with orchestrating an offering fraud and diverting offering proceeds to repay loans he had previously made to the company. We bought companies based on what we anticipated that we could bring in incremental sources of revenue.. You know if you make cars or washing machines or something like that, I guess you have to focus on margins. Around that time Sillerman was diagnosed with tongue cancer and underwent chemotherapy, which sidelined him for several months. So in the middle of one night, Bob and I took off all of our clothes and ran back and forth in front of the glass naked. Sillermans actions signaled to the market that he saw significant value in SFX. Pei through the hallowed halls. Posh Spice). Now that Sillerman's deal is dead, SFX is in a mad dash to find a new buyer. CKX Inc. has been flying under the radar despite owning stakes in some of the biggest pop culture icons of our time, including "American Idol," Elvis Presley . Inspite of the distractions, he explained that he is 100% committed to do a deal to take SFX private and is in robust conversation with several people that want to participate with him. Sillerman announced in early June that he'd be making a return to the live entertainment industry, and today he made his second purchase toward that. ", "Mobile app Viggle sets terms for $50 million NASDAQ listing", "GetGlue Sale to Sillerman's Viggle Cancelled", "GetGlue Acquired by Viggle for $25M, 48.3M Shares of Stock", "Viggle Buys Dijit Media, in Another Second-Screen TV Mashup", "Viggle Acquires Dijit, Will Connect Its Rewards Program To Dijit's TV Discovery App", "With Over 9.5 Million Registered Users, Viggle Expects Fiscal 2015 Revenue to Increase More Than 40% Year-Over-Year to $25.6 Million", "SFX Beefing Up Digital Capabilities, Plans to Buy Tunezy, Fame House and Arc90", "Mogul to Increase Bets on Electronic Dance Music", "SFX Enters Ticketing Business with $16.2 Million Acquisition of Europe's Paylogic", "Electronic music promoter SFX files for $175-million IPO", "Robert F.X Sillerman on SFX's IPO, Stock Prices, Future Acquisitions, Afrojack", "SFX's Bumpy Ride Continues With $20 Million in New Financing", "SFX Entertainment Emerges From Bankruptcy With New Name: LiveStyle", "SFX Emerges From Bankruptcy with a New Name, LiveStyle, and New Leader in Randy Phillips", "Former SFX CEO Robert Sillerman Speaks Out for the First Time About His Company's Implosion: 'I Don't Begrudge the Employees' Anger', "Choosing honorary degree recipient an often-painstaking process", "Sillerman Family Makes $10 Million Gift to Heller to Begin New Center for the Advancement of Philanthropy", "Steven Spielberg and George Soros Stock Senate Democratic Super-PAC", "Music Managers Allege Deceit by SFX Founder", https://en.wikipedia.org/w/index.php?title=Robert_F._X._Sillerman&oldid=1135076047, American entertainment industry businesspeople, American telecommunications industry businesspeople, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, This page was last edited on 22 January 2023, at 14:00. Why? Robert F.X. The show is also being franchised in 100 countries. Sillerman's Dream," Deadline Holly- wood, May 10, 2011. Though the Elvis business isnt that big yet, it gives us a window into how Sillerman operates. The second floor boasts two main bedroom suites with ensuitemarble bathrooms, woodburning fireplaces and a large planted terrace. In 2013, the year after the companys creation, the organizers of industry conference International Music Summit estimated the global market associated with EDM to be about $4.5 billion in sales. Sillerman's income source is mostly from being a successful Executive. No question we could build a convention-sized hotel here, says Soden. (Photo: Robin Marchant/Getty Images). Elvis, a poor boy from Tupelo, Miss., comes up to Memphis, manages to get himself into Sun Records, and lays down the track to Thats All Right (Mama). A local radio station airs it, the calls come streaming in, and Elvis is on the way to glory. Yes, Elviss core fans are aging, but young people still are drawn to the man with the oversized Q-rating. He was never really at 100%.. A megayacht-turned-ultra-luxury cruise ship is heading for Once a dining hotspot, this shuttered NYC restaurant owes the city $32M in rent, Mary-Kate and Ashley Olsen's 'It Takes Two' abandoned mansion demolished, Inside the 1,700-acre Murdaugh family murder farm now on sale for $3.9M, Fking heartless Kristin Cavallari admits to recently dumping guy via text, The Selena Gomez and Kylie Jenner eyebrow drama, explained, Lisa Hochstein confirms shes dating great Jody Glidden amid Lenny divorce, Good luck 'worming' your way out of this one, Meghan Markle, Prince Harry have first night out since bombshell 'Spare' released, 11-year-old reads aloud from 'pornographic' book he checked out from library at school board meeting. But where did it go wrong for SFX? So, how much is Robert F.X. [9] But it had to be a biggie to make economic sense. The company that emerged would become Clear Channel, which is now known as iHeartRadio. It was a smash right off the bat. When he did sell to Live Nation, the number was closer to $100 million the only thing that changed was were out there buying promoters., Dance music was rapidly growing in popularity with ticket sales increasing by nearly 30% from 2011 to 2012, but most electronic promoters were putting everything they owned into the next show, explains Estopinal. It Takes a Lot of People to Create All This AI Music. At first, advertisers and investors flocked to the new SFX. Improved top-line growth did little to stave off a panic from investors, who were troubled to see the company once again fall short of the profits it had promised. Laura Sillerman, Robert Reeves and Julie Sheehan attend The Launch of The Southampton Review at Literary Reception on July 29, 2007 in Southampton,. I ask Sillerman about his revenue and income projections for his Elvis and American Idol businesses. So far Idol stars like Kelly Clarkson and Clay Aiken have sold over 14 million albums. That didnt work out, but when we started talking, Insomniacs acquistion price was $10 million, he said. We want to make money both by selling tickets and by putting a live audience in front of Madison Avenue, he said in an interview in 1998. Andreas Cornelius van Kuijk), sold the rights to RCAnow part of Sony BMGdecades ago. What would be the ultimate winning scenario for Sillerman? After selling SFX Entertainment, Mr. Sillerman pursued various entertainment projects. In February 1982 the probate judge told the trustees of the estate that he feared it would go bankrupt because of taxes and legal fees, says Jack Soden, a Kansas City money manager brought in to advise the Presley family. Sillerman, a triathlete who loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet. Robert F.X. Among them was former Beatport CEO Matthew Adell, who stepped down less than two years after selling his company for $50 million in early 2013. He also carried heavy personal pain after the suicide of his 18-year-old daughter Mackinley in 2012, losing his only child in the home he shared with his wife Laura Baudo Sillerman. The Bolshoi Ballet came en masse to Graceland, Soden recalls. And sad. He set up his own business, Youth Markets Consultants, to help big companies sell their wares to the Now Generation. With a market value of $1.1 billion, is CKX overvalued? At the time, Sillerman said he expected to deliver equity and debt financing on the billion-dollar deal when a 60-day sale process was completed. At Fridays price of 91 cents, SFXs shares are down 93% from its IPO price. A year later, Sillerman was pushed into bankruptcy over an unpaid $7.4 million promissory note to React Presents during the SFX rollup. Sillerman paid $196 million to buy 19 Entertainment. He has unbounded energy when it comes to business. Says his longtime business partner, disc jockey Cousin Brucie Morrow: Bob is very exhausting to be with. In addition to concerts, Robert F.X. Clear Channel, which had already purchased many of Sillermans radio stations from Hicks Muse, agreed to buy SFX Entertainment for a reported $3 billion. But in making his push for the new version of SFX in 2012, he spoke with boundless optimism about the potential for his new company. I have a million ideas all the time, says Fuller, but before I could only do one a year. This isnt the first time Sillerman has failed to live up to his word when trying to buy back a company he listed on the public markets. Sillermans personal stake in the company, which was worth nearly $220 million when it went public, is now valued at less than $35 million. Bear Stearns analyst R. Glen Reid says to also look for a 2,000-seat Elvis theater in Vegas. Beyond the lawsuit, questions have also been raised about the fundamentals of a business that some analysts said relied on what they deemed a cultural fad. When presented to the public--and later, Wall Street--the plan for SFX Entertainment seemed simple enough: roll up local EDM event organizers under one umbrella organization that could drive profits by providing structure and efficiency. By that time Mr. Sillerman had turned his sights on another industry ripe for consolidation: the nationwide concert circuit, which had long remained a loosely connected network of venues and promoters who operated regional fiefs. Then, Lisa says, the failure of the Elvis Presleys Memphis restaurant on Beale Street in 2003 made matters urgent. Revenues at the company that manages his affairs, Elvis Presley Enterprises, have been flat at $40 million for five years. SFX raised $260 million in its initial public offering. [30][31], In an interview with Billboard, Sillerman admitted that there were "no easy answers" surrounding why the company collapsed, but added that he didn't "begrudge the disappointment and anger" of his staff because he was just as disappointed over the company's performance. The suit alleges that Sillerman in emails promised a joint partnership in which the plaintiffs would receive 2.5 million "founders shares" of SFX, which never materialized. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. It had earlier been trading on the NASDAQ exchange. Moreno claims that Sillerman was mainly brought in to help organize financing for the business and that he had presented his plan to others, like billionaire Ron Burkle, before choosing Sillerman. In 1993 he founded SFX Broadcasting with a partner, R. Steven Hicks. Sillerman became one of the most intriguing and wealthiest men in the media business but died in bankruptcy, pursued by the government and suffering the painful complications of a decade. Steve Hicks left to join another radio venture after a few years, and in 1997, Sillerman sold SFX, which then owned some 70 radio stations, to Hicks Muse for $75 a share, or $2.1 billion. Besides buying Elvis Presley Enterprises from Lisa Marie Presley last February, Sillerman and his lieutenants have purchased the smash-hit TV show American Idol and other properties from a company called 19 Entertainment, which was owned by British pop impresario Simon Fuller. Loves vigorous games of volleyball and basketball, has recovered and now sports a yellow Livestrong bracelet Photo! Party in the music industry earlier been trading on the way to glory flocked to now! 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Was prone to horrible coughing fits and had to be with, Can borrow. Billion, is CKX overvalued his revenue and income projections for his and...